The main goal of the program is to connect blockchain technology with Mastercard’s global payment infrastructure.
Payments giant Mastercard has unveiled a new crypto partner program that aims to connect the fast-growing world of blockchain technology with its vast global payments infrastructure.
More than 85 blockchain and fintech-focused companies have joined the initiative, with some major names including Binance, Ripple, Gemini, PayPal, Paxos, and Circle, according to a company statement.
Mastercard program
The official press release indicated that this joint venture is another step for traditional financial networks to integrate cryptocurrency assets into mainstream businesses.
Given the large number of big crypto and fintech names joining the program, Mastercard noted that they are planning how blockchain technology, including programmable payments and tokenized assets, can be integrated with TradFi payment systems used by merchants, banks and consumers around the world.
The program itself will focus on developing practical applications where blockchain can complement rather than replace existing financial rails.
Mastercard CEOs Raj Dhamodharan and Sherry Haymond have claimed that crypto assets have entered a new phase that could boost them into the traditional financial system.
“As digital asset technologies mature, Mastercard continues to focus on what we do best: building trust, setting standards and connecting systems at scale. By connecting innovation across the chain with a framework that powers everyday payments, we’re helping the future work with what’s already done.”
Wider coverage
Bloomberg added that the new program builds on several previous initiatives aimed at integrating the digital asset class into its ecosystem. It previously supported crypto-related payment cards, invested in blockchain startups through the Start Path accelerator, and introduced services that help banks manage compliance and risk associated with the industry.
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Although cryptocurrencies have gained popularity in the last half decade, integrating them into everyday payments remains a complex challenge. Mastercard aims to solve this problem by positioning itself as a bridge between the emerging blockchain economy and the traditional financial system.
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